Categories

Tags

January 9, 2012

The CFPB recently issued guidance on the treatment of confidential supervisory information. CFPB Bulletin 12-01 states that once the bureau issues a request for information, supervised financial institutions (i.e., those with total assets of more than $10 billion) are required to provide all documents and other information responsive to the request. The bulletin adds:

Supervised institutions may not selectively withhold responsive documents based on their judgment that such materials are not necessary to the Bureau’s execution of its responsibilities or that other materials would be sufficient to suit the Bureau’s needs. The supervisory process is based on the supervisor’s full and unfettered access to information, and the supervisor is entitled – indeed, duty bound–to ensure that it thoroughly understands the institution in question and has access to all information that, in its independent judgment, may bear on its supervisory responsibilities.

The Bulletin argues that providing requested information to the bureau will not result in a waiver of any privilege that may attach to such information, and thus it will not consider waiver concerns to be a valid basis for withholding information from the agency. However, the agency will give “due consideration to … requests to limit the form and scope of any supervisory request for privileged information.”

Finally, the Bulletin reiterates that all information obtained in the supervisory process will be treated as confidential and privileged, other than in cases when the exchange of such information with other regulators that share supervisory jurisdiction over a supervised institution is prudent, as determined by the CFPB’s general counsel.

Connect

Subscribe

Related Sites

Subscribe to Email Updates

Please leave this field empty

Name

Email *

Select list(s): Immediately Daily Weekly

Check your inbox or spam folder to confirm your subscription.

Contact Us

If you have any questions regarding anything discussed on this blog, the attorneys and other professionals of the Financial Institutions Group of Bryan Cave LLP are available to answer your questions. Please click here for a list of our Professionals or fill out the contact request form below.

Thank you for reaching out to us.

First, though, we have to tell you a couple of things:

Your email will not create an attorney-client relationship between you and us.Attorney-client relationships can only be created in writing, signed by both you and us.

The attorneys of Bryan Cave Leighton Paisner make this site available to you only for the educational purposes of imparting general information and a general understanding of the law. This site does not offer specific legal advice. Your use of this site does not create an attorney-client relationship between you and Bryan Cave LLP or any of its attorneys. Do not use this site as a substitute for specific legal advice from a licensed attorney. Much of the information on this site is based upon preliminary discussions in the absence of definitive advice or policy statements and therefore may change as soon as more definitive advice is available. Please review our full disclaimer.